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Selected Stock Transactions Diamondback Welding & Fabrication Corporation sells and services pipe welding equipment in Illinois. The following selected accounts appear in the ledger of

Selected Stock Transactions

Diamondback Welding & Fabrication Corporation sells and services pipe welding equipment in Illinois. The following selected accounts appear in the ledger of Diamondback Welding & Fabrication at the beginning of the current year:

Preferred 2% Stock, $75 par (50,000 shares authorized, 25,000 shares issued) $1,875,000
Paid-In Capital in Excess of ParPreferred Stock 225,000
Common Stock, $10 par (500,000 shares authorized, 210,000 shares issued) 2,100,000
Paid-In Capital in Excess of ParCommon Stock 270,000
Retained Earnings 9,476,000

During the year, the corporation completed a number of transactions affecting the stockholders' equity. They are summarized as follows:

  1. Purchased 30,000 shares of treasury common for $14 per share.
  2. Sold 15,000 shares of treasury common for $17 per share.
  3. Issued 13,000 shares of preferred 2% stock at $91.
  4. Issued 50,000 shares of common stock at $17, receiving cash.
  5. Sold 10,000 shares of treasury common for $12 per share.
  6. Declared cash dividends of $1.50 per share on preferred stock and $0.04 per share on common stock.
  7. Paid the cash dividends.

Required:

Journalize the entries to record the transactions.

If an amount box does not require an entry, leave it blank.

a. Treasury Stock fill in the blank 2 fill in the blank 3
Cash fill in the blank 5 fill in the blank 6
b. Cash fill in the blank 8 fill in the blank 9
fill in the blank 11 fill in the blank 12
fill in the blank 14 fill in the blank 15
c. Cash fill in the blank 17 fill in the blank 18
Preferred Stock fill in the blank 20 fill in the blank 21
Paid-In Capital in Excess of Par-Preferred Stock fill in the blank 23 fill in the blank 24
d. Cash fill in the blank 26 fill in the blank 27
Common Stock fill in the blank 29 fill in the blank 30
Paid-In Capital in Excess of Par-Common Stock fill in the blank 32 fill in the blank 33
e. Cash fill in the blank 35 fill in the blank 36
Paid-In Capital from Sale of Treasury Stock fill in the blank 38 fill in the blank 39
Treasury Stock fill in the blank 41 fill in the blank 42
f. Cash Dividends fill in the blank 44 fill in the blank 45
Cash Dividends Payable fill in the blank 47 fill in the blank 48
g. Cash Dividends Payable fill in the blank 50 fill in the blank 51
Cash fill in the blank 53 fill in the blank 54

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